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Note 17 – Warrants | 6 Months Ended
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Oct. 31, 2023
Note 17 Warrants |
Note 17 – Warrants | Note 17 – Warrants The Company issued 5 year warrants to investors in connection with two convertible note financings. The warrants have an initial exercise price of $1.50 which may be reduced to a 25% discount of the price per share of Common Stock offered in a future qualified offering. The warrants were valued using the multinominal lattice model and are considered derivative liabilities under ASC 815-40. The value of the warrants was included in the determination of the initial accounting for each financing including the calculation of the derivative liability and related expense. A summary of the warrants issued and their fair values were:
|  | Upon Issuance |  | Outstanding at October 31, 2023
Date of Transaction |  | Number of Warrants |  | Initial Fair Value |  | Number of Warrants |  | Fair Value
| October 2020 |  |  |  | 399,998 |  |  | $ | 267,999 |  |  |  | 266,666 |  |  | $ | 125,613 |
| January 2021 |  |  |  | 675,000 |  |  | $ | 2,870,666 |  |  |  | 540,000 |  |  | $ | 273,590 |
To date, we have received $301,248 related to the exercise of 268,332 warrants. These exercises eliminated the derivative liability in these warrants, resulting in a decrease of $857,446 in the derivative liability with a corresponding increase in additional paid in capital. In May 2021, the Company issued warrants to purchase 200,000 shares of common stock to the placement agent of its common stock offering. The warrants have a five-year term and an exercise price of $5.00. In July 2021, the Company issued warrants to purchase 533,333 shares of common stock to the placement agent of its common stock offering. The warrants have a five-year term and an exercise price of $5.625. There have been no issuances or exercises of warrants since April 30, 2022. The key attributes of the 1,539,999 warrants outstanding, which have a weighted average exercise price of $3.38, are as follows:
|  | Weighted-average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value
| April 30, 2022 |  |  | 3.89 |  |  | $427,533
| April 30, 2023 |  |  | 2.89 |  |  | $—
| October 31, 2023 |  |  | 2.38 |  |  | $—

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